BAE Systems Sued Over Administrative Fees in $8.2 Billion 401(k)

BAE Systems Inc. was hit Wednesday with a proposed class action saying its $8.2 billion 401(k) plan pays excessive and unwarranted fees to its third-party recordkeepers.

The BAE retirement plan paid $125 per person in direct recordkeeping fees each year, when a reasonable fee would have been closer to $25 per person, plaintiff Erin Naylor said in the complaint. The recordkeeping services provided to the BAE plan were “nothing out of the ordinary” and could have been obtained from other companies for much less money, Naylor said.

The lawsuit, filed in the US District Court for the District of ...